WHAT YOU NEED TO KNOW ABOUT Wills
What are the different types of wills?
An individual’s property can be inherited absent a probate process if their possessions are properly placed into a trust. This is desirable to many individuals, because probate can be a lengthy and costly process, whereas trust administration is often much faster and cheaper.
How can having a will benefit my young children?
A will is also an important tool for testators with children under the age of 18. In the will, the testator is able to designate a guardian to care for their children after their death. It is important for parents of young children to think about who would care for their children if they died while their children are still young. A testator should nominate not only a primary guardian, but a secondary guardian in case the primary guardian is unable or unwilling to accept the responsibility.
What are the individuals in a will called?
The individual creating the will is called the testator. The testator needs to determine not only what property they have to include in the will, but also who they want to name as executor of the will. The executor of the will is the individual responsible for carrying out the terms of the will. This individual should be someone the testator trusts and knows is responsible and organized. The beneficiaries are the individuals the testator designates to inherit property under the will.
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